-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, R8ho6j/xdR94A1PpjQAsd4N1ZYCfUr4iJzKmjeCkjFSLQodTlqT/7dnmf8hVY+wn QC470HR667YvG3XtL9T5sQ== /in/edgar/work/20000815/0000318835-00-000007/0000318835-00-000007.txt : 20000922 0000318835-00-000007.hdr.sgml : 20000921 ACCESSION NUMBER: 0000318835-00-000007 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20000630 FILED AS OF DATE: 20000815 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DSI REALTY INCOME FUND X CENTRAL INDEX KEY: 0000792989 STANDARD INDUSTRIAL CLASSIFICATION: [6500 ] IRS NUMBER: 330195079 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 000-15346 FILM NUMBER: 701777 BUSINESS ADDRESS: STREET 1: 3701 LONG BEACH BLVD CITY: LONG BEACH STATE: CA ZIP: 90801 BUSINESS PHONE: 310-595-7711 MAIL ADDRESS: STREET 1: P O BOX 357 CITY: LONG BEACH STATE: CA ZIP: 90801 10-Q 1 0001.txt SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q /_x_/ Quarterly report pursuant to section 13 or 15(d) of the Securities Exchange Act of 1934. For the quarterly period ended June 30, 2000 /___/ Transition report pursuant to Section 13 or 15(d) of the Securities Act of 1934 for the transition period from ______________ to ________________. Commission File Number 0-15346 DSI REALTY INCOME FUND X, A California Limited Partnership (Exact name of registrant as specified in its charter) California_______________________________________33-0195079 (State or other jurisdiction of (I.R.S. Employer incorporation) Identification No.) 6700 E. Pacific Coast Hwy., Long Beach, California 90803 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code-(562)493-8881 _________________________________________________________________ Former name, former address and former fiscal year, if changed since last report. Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes _x_. No___. PART I - FINANCIAL INFORMATION Item 1. Financial Statements. The information required by Rule 10-01 of Regulation S-X is included in the Quarterly Report to the Limited Partners of Registrant for the period ended June 30, 2000 which is attached hereto as Exhibit "20" and incorporated herein by this reference. Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations. Registrant incorporates by this reference its Quarterly Report to Limited Partners for the period ended June 30, 2000. PART II - OTHER INFORMATION Item 6. Exhibits and Reports on Form 8K. (a) Attached hereto as Exhibit "20" is Registrant's Quarterly Report to Limited Partners for the period ended June 30, 2000. (B) Registrant did not file any reports on Form 8-K for the period reported upon. SIGNATURES Pursuant to the requirements of the Securities and Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. Dated: July 31, 2000 DSI REALTY INCOME FUND X A California Limited Partnership (Registrant) By__/s/ Robert J. Conway______ DSI Properties, Inc., as General Partner by ROBERT J. CONWAY, President and Chief Financial Officer SIGNATURES Pursuant to the requirements of the Securities and Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. Dated: July 31, 2000 DSI REALTY INCOME FUND X A California Limited Partnership (Registrant) By___/s/ Robert J. Conway_____ DSI Properties, Inc., as General Partner by ROBERT J. CONWAY, President and Chief Financial Officer EX-20 2 0002.txt July 31, 2000 QUARTERLY REPORT TO THE LIMITED PARTNERS OF DSI REALTY INCOME FUND X DEAR LIMITED PARTNERS: We are pleased to enclose the Partnership's unaudited financial statements for the period ended June 30, 2000. The following is Management's discussion and analysis of the Partnership's financial condition and results of its operations. For the three month periods ended June 30, 2000, and 1999, total revenues increased 4.1% from $729,606 to $759,841 and total expenses increased 6.0% from $405,922 to $430,244. As a result, net income increased 1.8% from $323,684 to $329,597 for the three-month period ended June 30, 2000, as compared to the same period in 1999. The increase in revenues can be attributed to an increase in rental income due to higher unit rental rates. Occupancy levels for the Partnership's five mini-storage facilities averaged 85.4% for the three-month period ended June 30, 2000, as compared to 84.7% for the same period in 1999. The Partnership is continuing its advertising campaign to attract and keep new tenants in its various mini-storage facilities. Operating expenses increased approximately $17,000 (4.8%) primarily as a result of increases in yellow pages advertising and maintenance and repair expenses, partially offset by a decrease in salaries and wages expnese. General and administrative expenses increased approximately $7,300 (13.7%) primarily as a result of higher Maryland state taxes. For the six month periods ended June 30, 2000, and 1999, total revenues increased 7.4% from $1,404,158 to $1,508,452 and total expenses increased 5.0% from $820,306 to $861,194. As a result, net income increased 10.9% from $583,852 for the six-month period ended June 30, 1999, to $647,258 for the same period in 2000. The increase in revenues can be attributed to an increase in rental revenue due to higher unit rental rates. Operating expenses increased approximately $31,100 (4.5%) from $699,341 to $730,435. The increase is primarily due to higher advertising costs, maintenance and repair, property management fees and security alarm services, partially offset by decreases in real estate tax, salaries and wages and power and sweeping expenses. Property management fees, which are based on rental revenue, increased as a result of the increase in rental revenue. Power and sweeping expenses decreased as the substantial snow removal costs in the prior year associated with the blizzard, which hit the Detroit, Michigan area, did not materialize in the current year. General and administrative expenses in- creased approximately $9,800 (8.1%) primarily as a result of increases in Maryland state tax payments and equipment and computer lease expenses. The General Partners will continue their policy of funding improvements and maintenance of Partnership properties with cash generated from operations. The Partnership's financial resources appear to be adequate to meet its needs. We are not enclosing a copy of the Partnership Form 10-Q as filed with the Securities and Exchange Commission, since all the information set forth therein is contained either in this letter or in the attached financial statements. However, if you wish to receive a copy of said report, please send a written request to DSI Realty Income Fund X, P.O. Box 357, Long Beach, California 90801. Very truly yours, DSI Realty Income Fund X By: DSI Properties, Inc., as General Partner By___\s\ Robert J. Conway_______ ROBERT J. CONWAY, President EX-20 3 0003.txt DSI REALTY INCOME FUND X (A California Real Estate Limited Partnership) BALANCE SHEETS(UNAUDITED), JUNE 30, 2000 AND DECEMBER 31, 1999
June 30, December 31, 2000 1999 ASSETS CASH AND CASH EQUIVALENTS $2,456,205 $2,027,853 PROPERTY, Net 6,412,846 6,682,110 OTHER ASSETS 69,305 69,305 TOTAL $8,938,356 $8,779,268 LIABILITIES AND PARTNERS' EQUITY (DEFICIT) LIABILITIES $2,851,080 $2,688,822 PARTNERS' EQUITY (DEFICIT): General Partners (81,154) (81,123) Limited Partners 6,168,430 6,171,569 Total partners' equity 6,087,276 6,090,446 TOTAL $8,938,356 $8,779,268 See accompanying notes to financial statements(unaudited). STATEMENTS OF INCOME (UNAUDITED) FOR THE THREE MONTHS ENDED JUNE 30, 2000 AND 1999 June 30, June 30, 2000 1999 REVENUES: Rental Income $740,437 $715,217 Interest 19,404 14,389 Total revenue 759,841 729,606 EXPENSES: Operating Expenses 369,409 352,434 General and administrative 60,835 53,488 Total expenses 430,244 405,922 NET INCOME $329,597 $323,684 AGGREGATE NET INCOME ALLOCATED TO : Limited Partners $326,301 $320,447 General Partners 3,296 3,237 TOTAL $329,597 $323,684 NET INCOME PER LIMITED PARTNERSHIP UNIT $10.27 $10.08 LIMITED PARTNERSHIP UNITS USED IN PER UNIT CALCULATION 31,783 31,783 See accompanying notes to financial statements(unaudited). STATEMENTS OF INCOME (UNAUDITED) FOR THE SIX MONTHS ENDED JUNE 30, 2000 AND 1999 June 30, June 30, 2000 1999 REVENUES: Rental income $1,472,989 $1,377,113 Interest 35,463 27,045 Total revenues 1,508,452 1,404,158 EXPENSES: Operating 730,435 699,341 General and administrative 130,759 120,965 Total expenses 861,194 820,306 NET INCOME 647,258 583,852 AGGREGATE NET INCOME ALLOCATED TO: Limited Partners $640,785 $578,013 General Partners 6,473 5,839 TOTAL $647,258 $583,852 NET INCOME PER LIMITED PARTNERSHIP UNIT $20.16 $18.19 LIMITED PARTNERSHIP UNITS USED IN PER UNIT CALCULATION 31,783 31,783 See accompanying notes to financial statements (unaudited).
STATEMENTS OF CHANGES IN PARTNERS' EQUITY (UNAUDITED) FOR THE SIX MONTHS ENDED JUNE 30, 2000 AND 1999
GENERAL LIMITED PARTNERS PARTNERS TOTAL BALANCE AT JANUARY 1, 1999 ($75,264) $6,751,659 $6,676,395 NET INCOME 5,839 578,013 583,852 DISTRIBUTIONS (6,420) (635,660) (642,080) BALANCE AT JUNE 30, 1999 ($75,845) $6,694,012 $6,618,167 BALANCE AT JANUARY 1, 2000 ($81,123) $6,171,569 $6,090,446 NET INCOME 6,473 640,785 647,258 DISTRIBUTIONS (6,504) (643,924) (650,428) BALANE AT JUNE 30, 2000 ($81,154) $6,168,430 $6,087,276 See accompanying notes to financial statements(unaudited).
STATEMENTS OF CASH FLOWS (UNAUDITED) FOR THE SIX MONTHS ENDED JUNE 30, 2000 AND 1999
June 30, June 30, 2000 1999 CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 647,258 $ 583,852 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 269,264 269,262 Loss on disposal of property and equipment 0 630 Changes in assets and liabilities: Increase in other assets 0 (2,499) Increase in liabilities 162,258 161,434 Net cash provided by operating activities 1,078,780 1,012,679 CASH FLOWS FROM FINANCING ACTIVITIES - Distributions to partners (650,428) (642,080) NET INCREASE IN CASH AND CASH EQUIVALENTS 428,352 370,599 CASH AND CASH EQUIVALENTS: At beginning of period 2,027,853 1,772,250 At end of period $2,456,205 $2,142,849 See accompanying notes to financial statements(unaudited).
DSI REALTY INCOME FUND X (A California Real Estate Limited Partnership) NOTES TO FINANCIAL STATEMENTS (UNAUDITED) 1. GENERAL DSI Realty Income Fund X (the "Partnership") has three general partners (DSI Properties, Inc., Robert J. Conway and Joseph W. Conway) and limited partners owning 31,783 limited partnership units. The accompanying financial information as of June 30, 2000, and for the periods ended June 30, 2000 and 1999 is unaudited. Such financial information includes all adjustments which are considered necessary by the Partnership's management for a fair presentation of the results for the periods indicated. 2. PROPERTY The Partnership owns five mini-storage facilities. Two facilities are located in Warren, Michigan; one facility is located in Troy, Michigan; one facility is located in Crestwood, Illinois; and one facility is located in Forestville, Maryland. As of June 30, 2000, the total cost and accumulated depreciation of the mini-storage facilities is as follows: Land $ 2,089,882 Buildings 10,834,474 Furniture and Equipment 5,810 Total 12,930,166 Less: Accumulated Depreciation ( 6,517,320) Property - Net $ 6,412,846
3. NET INCOME PER LIMITED PARTNERSHIP UNIT Net income per limited partnership unit is calculated by dividing the net income allocated to the limited partners by the number of limited partnership units outstanding during the period. EX-27 4 0004.txt
5 3-MOS YEAR DEC-31-2000 DEC-31-2000 JUN-30-2000 DEC-31-2000 2456205 0 0 0 0 0 0 0 0 0 0 0 12930166 0 6517320 0 8938356 0 0 0 0 0 0 0 0 0 0 0 0 0 8938356 0 1472989 0 1508452 0 0 0 0 0 0 0 0 0 0 0 647258 0 0 0 647258 0 0 0 0 0 0 0 647258 0 0 0 0 0
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